<SEC-DOCUMENT>0001654954-20-013847.txt : 20201222
<SEC-HEADER>0001654954-20-013847.hdr.sgml : 20201222
<ACCEPTANCE-DATETIME>20201222170226
ACCESSION NUMBER:		0001654954-20-013847
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20201220
FILED AS OF DATE:		20201222
DATE AS OF CHANGE:		20201222

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Raines William F III
		CENTRAL INDEX KEY:			0001773698

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38299
		FILM NUMBER:		201408834

	MAIL ADDRESS:	
		STREET 1:		8314 TOSOMOCK LANE
		CITY:			HUNTERSVILLE
		STATE:			NC
		ZIP:			28078

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			cbdMD, Inc.
		CENTRAL INDEX KEY:			0001644903
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				473414576
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		8845 RED OAK BOULEVARD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28217
		BUSINESS PHONE:		704-445-3060

	MAIL ADDRESS:	
		STREET 1:		8845 RED OAK BOULEVARD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28217

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Level Brands, Inc.
		DATE OF NAME CHANGE:	20170202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEVEL BEAUTY GROUP, INC.
		DATE OF NAME CHANGE:	20150611
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>section16.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2020-12-20</periodOfReport>

    <issuer>
        <issuerCik>0001644903</issuerCik>
        <issuerName>cbdMD, Inc.</issuerName>
        <issuerTradingSymbol>YCBD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001773698</rptOwnerCik>
            <rptOwnerName>Raines William F III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O 8845 RED OAK BOULEVARD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CHARLOTTE</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>28217</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2020-12-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2187500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4488924</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>see footnote</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Under the terms of the Agreement and Plan of Merger dated December 3, 2018 (the &quot;Merger Agreement&quot;) and the related Voting Proxy dated December 20, 2018 (the &quot;Voting Proxy&quot;), the independent Chairman of the Audit Committee of the Issuer's Board of Directors held voting rights over an aggregate of 8,750,000 shares of common stock (the &quot;Second Tranche Shares&quot;) initially issued to CBD Holding, LLC (&quot;CBDH&quot;) until the unrestricted voting rights to those shares vest pursuant to the terms of the Merger Agreement.  On December 20, 2019 the unrestricted voting rights to the first 2,187,500 shares vested.  On February 26, 2020, in connection with its dissolution and liquidation and pursuant to the terms of a Distribution Agreement (the &quot;CBDH Distribution Agreement&quot;), CBDH distributed the Second Tranche Shares to its members on a pro rata basis.  On February 26, 2020, in connection with the CBDH Distribution Agreement, the CBDH members entered into similar Voting Proxy Agreements with the Issuer.  On December 20, 2020 the unrestricted voting rights to an additional 2,187,5000 Second Tranche Shares vested pursuant to the terms of the Merger Agreement.  The unrestricted voting rights to the remaining4,375,000 Second Tranche Shares will vest as follows: (i) 2,187,500 shares will vest on June 20, 2022; and (ii) the remaining 2,187,500 shares will vest on December 20, 2023.  Until the unrestricted voting rights vest, Mr. Raines, as independent Chairman of the Audit Committee of the Issuer's Board of Directors, holds voting rights over these shares and will vote such shares on any matter brought before the Issuer's shareholders in accordance with the recommendation of the Issuer's Board of Directors.  Mr. Raines disclaims beneficial ownership of the securities held of record by the CBDH members.</footnote>
        <footnote id="F2">The number of shares of common stock beneficially owned by Mr. Raines includes (i) 21,342 shares held by him directly; (ii) 92,582 shares held of record by Board Investor Group II, LLC; and (iii) 4,375,000 Second Tranche Shares for which unrestricted voting rights have not yet vested.  Mr. Raines, in his position as Chief Executive Officer of Board Investor Group II, LLC, has voting and dispositive control over securities held by Board Investor Group II, LLC.  Mr. Raines disclaims beneficial ownership of securities held by Board Investors Group II, LLC except to the extent of his pecuniary interest therein, and disclaims beneficial ownership of the 4,375,000 Second Tranche Shares which are subject to the Voting Proxy Agreements.  See footnote 1.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ William Raines III</signatureName>
        <signatureDate>2020-12-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
